商业银行是中国社会融资的主要渠道,银行向社会提供流动性的效率直接决定了社会融资的效率.为弥补流动性创造研究在效率和中观层面的不足,文章采用中国商业银行2000?2015年微观数据,探讨了市场竞争、银行市场势力与流动性创造效率之间的关系,得到以下结论:(1)市场竞争与流动性创造效率之间存在倒U形关系,中国银行业存在最优的市场结构;(2)银行市场势力过强是中国商业银行流动性创造效率较低的重要原因,银行市场势力越强,其流动性创造效率越低;(3)市场竞争程度与市场势力的流动性创造效率系数之间存在不显著的负相关关系,寄希望于通过增强中国银行业竞争程度来改善银行市场势力过强所导致的流动性创造效率过低,作用可能非常有限.中国应沿着"增强商业银行流动性创造能力,扩大直接融资规模"的改革方向继续前进.文章的研究丰富了已有文献,而且为中国银行体系改革的顶层设计提供了重要参考.%Liquidity creation efficiency means the ability of transforming liquid liabilities to illiquid as-sets through on-balance sheet or off-balance-sheet activities like loan commitments and lines of credit. The re-search field belongs to the theory of financial intermediaries.Through the literature review,after the definition of liquidity creation was raised by Bryant (1980),Dia-mond and Dybvig (1983) and Kashyap et al (2002),this research field has been greatly developed. Berger and Bouman (2009) investigated the measurement based on categories of assets,liabilities,equity,and off-balance-sheet issues. This measurement describes the absolute level of bank liquidity creation,indicating the liquidity creation level for the economy provided by banks. Berger and Bouman (2009)'s contribution of quantifying the liquidity creation induces the research field from theory to empirical study. From the realistic view,although China's direct funding market has made a great progress,it is still un-developed as 80% of the liquidity is provided by bank system,owing to imperfect capital market construction. Therefore,the liquidity creation efficiency somehow directly determines the efficiency of the whole Chinese financial system. It seems that the governments intend to increase banking competition or reduce banking mar-ket power to enhance the liquidity creation efficiency by state-owned banks,joint-stock system reform,in-terest rate liberalization as well as the revision of Deposit Insurance Act and Law of Commercial Bank. However,the fact is that,although the market is expanding and the number of financial intermediaries is con-tinuously increasing as well as the deposit and loan balance,the liquidity creation efficiency is not as good as expected. A large number of bank funds self-circulate within the financial system in the form of interbank de-posits,loans and other financial innovations,and do not enter the real economy,making the development of the most innovative small-and-medium-sized enterprises in the economy greatly hampered. The problem of lacking innovation is the "Achilles heel" of China's economy. How to innovate Chinese commercial banks' ability of liquidity creation and expand the financial funding resources at institutional level has been one of the most important issues of Chinese financial system reform. Against this background,we use Panzar-Ross model,Lerner Index and Berge and Bouwman (2009)'s measurement to study Chinese commercial banks' market competition,banking market power and liquidity creation efficiency. We improve these three types of measurement and study the relationship among these three indicators. It shows that,firstly,there exists a reverse U-shape relationship between market competition and liquidity creation efficiency,so there is a best market structure in the banking system. Secondly,the ex-cess market power is an important factor that contributes to the low liquidity creation efficiency. The stronger the market power is,the lower the liquidity creation efficiency is. Thirdly,the market competition has no signi-ficant relationship with the market power,so the policy aiming to increase the competition to reduce the mar-ket power and solve the problem of the low liquidity creation efficiency will have limited effects. China should move forward along the direction of "improving the liquidity creation efficiency and enlarging the quantity of direct finance". The study of liquidity creation is the advanced research field in the theory of modern financial intermedi-aries in the recent 30 years. Compared to former research,this paper has two major contributions to the field of efficiency study and Meso Economics study. This paper not only is a supplement to the research field,but also provides evidence and reference for the top-down design of bank reformation about the liquidity creation effi-ciency.
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